Federal Reserve Holds Rates; Cleveland Fed Announces Leadership Shift

The Federal Reserve has opted to maintain the federal funds rate at 4.25%–4.5%, as inflation shows signs of moderation but remains above target levels. Leading the decision, Loretta J. Mester emphasized a vigilant approach towards inflation control. Meanwhile, the Cleveland Fed announced Beth M. Hammack’s appointment as president, marking a change in leadership amid prevailing economic uncertainty regarding inflation and its implications for growth.